Coinbase Global Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Coinbase Global Inc (COIN) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Coinbase Global Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 5,630M vs 0M combined for its competitors (100.0% combined share).
- Trending: Latest-quarter revenue run-rate is decelerating (-13.6% annualized vs trailing 12 months).
- Scale: Coinbase Global Inc ranks #4 of 116 companies by market capitalization in the Miscellaneous Financial Services industry, holding 6.0% of industry market cap.
- Peer revenue share: Coinbase Global Inc accounted for 100.0% of combined revenue among its tracked peer group, up from 100.0% a year earlier.
- Peer differentiation: Revenue per employee of $1.14M compares with $1.24M for the peer group (0.9x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
COIN Sales vs. its Competitors, Q3 2026
Coinbase Global Inc generated 100.00 % of the combined sales of its peer group, up from 100.00 % a year earlier.
API endpoints for this dataset
Coinbase Global Inc vs. its Competitors, Q3 2026
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in Coinbase Global Inc reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Coinbase Global Inc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Coinbase Global Inc | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (6) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (6) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (3) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Coinbase Global Inc's competitor groups requires a Commercial License.
For context: the Miscellaneous Financial Services industry grew revenue 355.0% year over year, combined, vs -35.0% for Coinbase Global Inc. Coinbase Global Inc's share of combined industry revenue moved from 2.28% to 0.33%, a loss of 1.95 percentage points.
Coinbase Global Inc's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Coinbase Global Inc | No | No | No | Yes |
| Competitors combined (7) | ||||
| High-Confidence Competitors (10) | ||||
| Similar-Size Competitors (8) | ||||
| Similar Growth & Profitability (8) | 25.00 % (2 of 8) | 50.00 % (4 of 8) | 12.50 % (1 of 8) | 37.50 % (3 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
COIN Stock Performance relative to its Competitors
COIN Stock Performance relative to High-Confidence Competitors
COIN Stock Performance relative to Similar-Size Competitors
COIN Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Solai Limited | 282.9% | Outperformed |
| 2 | Riot Platforms Inc | 282.9% | Outperformed |
| 3 | Ats Corp | 282.9% | Outperformed |
| 4 | Tap Real Estate Technologies Inc | 282.9% | Outperformed |
| 5 | The Crypto Company | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Coinbase Global Inc's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Coinbase Global Inc's Comment on Competition and Industry Peers
Publicly Traded Peers of Coinbase Global Inc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 Coinbase Global Inc |
38,808.05 | 5,629.76 |
 Solai Limited |
6,424.88 | 23.00 |
 Riot Platforms Inc |
5,810.00 | 674.51 |
 Quantum Cyber N v |
11.98 | 0.90 |
 Tap Real Estate Technologies Inc |
6.07 | - |
 The Crypto Company |
5.49 | 0.02 |
| SUBTOTAL | 51,066.48 | 8,605.46 |
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Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Coinbase Global Inc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Coinbase Global Inc's Competitors Named by the Company
Competitive relationships identified from Coinbase Global Inc reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| EMLD | Company report | 85% |
| Rhino Bitcoin Inc | Company report | 85% |
| Fold Holdings Inc | Company report | 85% |
| Grayscale Bitcoin Mini Trust Etf | Company report | 85% |
| Grayscale Bitcoin Trust Etf | Company report | 85% |
| Grayscale Ethereum Staking Etf | Company report | 85% |
| Bitdeer Technologies Group | Company report | 85% |
| Grayscale Ethereum Staking Mini Etf | Company report | 85% |
| Robinhood | Company report | 85% |
| Block (f/k/a Square) | Company report | 85% |
| PayPal | Company report | 85% |
| Binance | Company report | 85% |
| Ats Corp | Company report | 85% |
| Partners Bancorp | Company report | 85% |
| The Crypto Company | Company report | 85% |
| Riot Platforms Inc | Company report | 85% |
| Atlantis Glory Inc | Company report | 85% |
Company report basis, confidence, active dates and source counts for Coinbase Global Inc's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
Coinbase Global Inc's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Solai Limited | Cryptocurrency Mining 29.00 % |
| Riot Platforms Inc | Bitcoin Mining Segment 64.02 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Coinbase Global Inc's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Coinbase Global Inc | 38,808 | 1,137,096 | -141,713 |
| Solai Limited | 6,425 | 365,079 | -537,730 |
| Riot Platforms Inc | 5,810 | 1,564,998 | -3,071,972 |
| Quantum Cyber N v | 12 | 4,433 | -177,173 |
| Tap Real Estate Technologies Inc | 6 | - | - |
| The Crypto Company | 5 | - | - |
| PEERS TOTAL | 12,258 | 1,241,428 | -559,054 |
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Coinbase Global Inc's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent report. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Coinbase Global Inc | UNITED STATES 83.59 % |
Source: revenue geography as reported in each company's reports (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Coinbase Global Inc's Position in Industry Market Structure
Market-capitalization share and concentration across all 99 companies in Coinbase Global Inc's industry classification, broader than the peer set above. Market cap in millions of $.Coinbase Global Inc ranks #4 of 99 companies by market capitalization in its industry, holding 6.01 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 1,648, indicating a moderately concentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | American Express Company | 217,952 | 36.88 % |
| 2 | Nu Holdings Ltd | 59,035 | 9.99 % |
| 3 | Strategy Inc | 45,452 | 7.69 % |
| 4 | Coinbase Global Inc | 35,497 | 6.01 % |
| 5 | Federal National Mortgage Association Fannie Mae | 1,234 | 5.2% |
| 6 | Synchrony Financial | 1,234 | 5.2% |
| 7 | Sofi Technologies Inc | 1,234 | 5.2% |
| 8 | Eason Technology Limited | 1,234 | 5.2% |
| 9 | Circle Internet Group Inc | 1,234 | 5.2% |
| 10 | Federal Home Loan Mortgage Corporation | 1,234 | 5.2% |
Market cap and industry share for the rest of Coinbase Global Inc's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-11-06.
Coinbase Global Inc's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 1 | American Express Company | 217,952 | -11.55 % |
| 2 | Nu Holdings Ltd | 59,035 | -24.95 % |
| 3 | Strategy Inc | 45,452 | -49.41 % |
| 4 | Coinbase Global Inc | 35,497 | -57.04 % |
| 5 | Federal National Mortgage Association Fannie Mae | 1,234 | 12.3% |
| 6 | Synchrony Financial | 1,234 | 12.3% |
| 7 | Sofi Technologies Inc | 1,234 | 12.3% |
| 8 | Eason Technology Limited | 1,234 | 12.3% |
| 9 | Circle Internet Group Inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Coinbase Global Inc's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-11-06. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Coinbase Global Inc's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Miscellaneous Financial Services industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (124 companies). See the full Miscellaneous Financial Services industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 46.41 % | 39.05 % (avg) | +7.4 pp |
| Operating Margin | 3.56 % | industry median | -1.1 pp |
| EBITDA Margin | -9.19 % | 6.82 % (avg) | -16.0 pp |
| Capital Intensity (Capex / Revenue) | 0.00 % | 5.16 % (avg) | -5.2 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Coinbase Global Inc's Valuation vs Competitive Position
Valuation multiples vs the Miscellaneous Financial Services industry average (124 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Miscellaneous Financial Services industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | - | 19.1x | - |
| EV / EBITDA | - | 14.3x | - |
| P/B | 3.5x | 2.9x | +0.6x |
| Return on Equity | -5.08 % | industry aggregate | -14.88 % |
| Return on Invested Capital | 0.59 % | -4.21 % (avg) | 4.80 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Coinbase Global Inc's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue Growth | - | -59.25 % | -2.69 % | 111.17 % | 9.40 % |
| Operating Margin | 39.24 % | -84.85 % | -5.20 % | 35.15 % | 19.99 % |
| Return on Invested Capital | 26.51 % | -17.88 % | -1.07 % | 10.50 % | 4.54 % |
| P/E | 19.0x | - | 352.3x | 26.5x | 64.9x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Coinbase Global Inc's Strategic Group Map
Coinbase Global Inc is shown in red; its closest peers by combined growth, margin and ROIC are labeled. See Methodology: Strategic Group Map for how this chart is built.
Coinbase Global Inc's trailing-12-month revenue growth of -26.6% and operating margin of 3.6% compares with an average of -14.5% growth and -6.4% margin across its 8 closest peers by combined growth, margin and ROIC -- Coinbase Global Inc sits below that peer average on growth and above it on margin.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Coinbase Global Inc's BCG Growth-Share Matrix
See Methodology: BCG Growth-Share Matrix for how relative share and growth are calculated and thresholded.
Coinbase Global Inc falls in the Dog quadrant: relative market share of 0.16x vs its largest competitor, in an industry growing revenue 3.3% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution. A caveat worth reading alongside this chart: American Express Company alone holds 37% of this industry's market cap. In an industry this dominated by one leader, the framework will place nearly every OTHER company in "Dog" or "Question Mark" purely because relative share is measured against that leader, regardless of how strong those other companies actually are on their own fundamentals. Check the Profitability, Valuation and Financial Strength sections above before treating this quadrant label as a verdict.
Coinbase Global Inc's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | Moderate | Industry HHI of 1,648 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Lower than typical for the industry | Capital intensity (capex / revenue) of 0.00 % vs industry average 5.16 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Coinbase Global Inc's dedicated Suppliers and Customers pages, not here.
Coinbase Global Inc's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
Coinbase Global Inc falls in the Low attractiveness / Low strength cell: Harvest / Divest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Coinbase Global Inc's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
No rule matched.
Weaknesses
- Return on equity 14.9 points below the industry aggregate.
- Latest-quarter revenue run-rate is decelerating (-13.6% annualized vs trailing 12 months).
- Underperforming the U.S.A. 500 over the trailing 12 months.
- Low relative market share vs the industry leader (0.16x).
- Piotroski F-Score of 2 or below, the standard financial-distress signal.
Opportunities
- A meaningful share of competitors (66.70 %) show financial-distress signals, a possible opening to gain share.
Threats
- Industry dominated by American Express Company, holding 36.88 % of industry market cap.
- Losing revenue share to the broader industry (-2.0 points over the past year).
Methodology: see Methodology: SWOT Analysis.
Coinbase Global Inc's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Coinbase Global Inc | 1.22 | 2.31 | 0.52 |
| Solai Limited | 0.14 | 1.76 | - |
| Riot Platforms Inc | 0.85 | 1.26 | 0.31 |
| Quantum Cyber N v | 1.23 | 1.82 | 0.02 |
| Tap Real Estate Technologies Inc | 0.02 | 0.33 | - |
| The Crypto Company | 0.02 | 0.02 | - |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Coinbase Global Inc's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Coinbase Global Inc | Q3 2026 | -35.0 % | +66.2 % |
| Solai Limited | Q4 2025 | -30.1 % | - |
| Riot Platforms Inc | Q2 2026 | +13.9 % | - |
| Quantum Cyber N v | Q2 2026 | - | - |
| Tap Real Estate Technologies Inc | Q2 2026 | - | - |
| The Crypto Company | Q2 2026 | -65.4 % | - |
| PEERS TOTAL | -4.8 % | -23.0 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Coinbase Global Inc's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Coinbase Global Inc | Q3 2026 | - | - |
| Solai Limited | Q4 2025 | +12.9 % | -81.3 % |
| Riot Platforms Inc | Q2 2026 | - | +0.6 % |
| Quantum Cyber N v | Q2 2026 | - | +27,651.4 % |
| Tap Real Estate Technologies Inc | Q2 2026 | - | - |
| The Crypto Company | Q2 2026 | - | - |
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Coinbase Global Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Coinbase Global Inc | - | - | - |
| Solai Limited | - | - | - |
| Riot Platforms Inc | - | - | - |
| Quantum Cyber N v | - | - | - |
| Tap Real Estate Technologies Inc | - | - | - |
| The Crypto Company | - | - | - |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Coinbase Global Inc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Coinbase Global Inc | - | 6.89 |
| Solai Limited | - | 279.34 |
| Riot Platforms Inc | - | 8.61 |
| Quantum Cyber N v | - | 13.38 |
| Tap Real Estate Technologies Inc | - | - |
| The Crypto Company | - | 324.32 |
| PEERS AVERAGE | - | 5.93 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.